Roadrunner Transportation Systems, Inc., a leading asset-right transportation and asset-light logistics service provider, announced results for the third quarter ended September 30, 2018 and the filing of its Quarterly Report on Form 10-Q.

Third Quarter Financial Results

Revenues for the third quarter ended September 30, 2018 were $536.6 million. Revenues for the quarter ended September 30, 2017 were $521.4 million and included $19.3 million of revenues from Unitrans, which was successfully divested in September 2017. Excluding Unitrans from the prior year, comparable third quarter revenue increased by 6.9% in 2018.

Operating loss in the third quarter of 2018 was $10.8 million, which included corporate restructuring and restatement costs of $4.7 million. Operating income in the third quarter of 2017 was $11.3 million, which included:

A gain on the sale of Unitrans of $35.4 million

Corporate restructuring and restatement costs of $6.8 million

Non-cash impairment charges of $4.4 million related to the revaluation of the Ascent segment goodwill after the sale of Unitrans

Unitrans operating income of $1.3 million

Net loss increased to $41.6 million in the third quarter of 2018 compared to $10.1 million in the third quarter of 2017. The increase was due primarily to the items affecting operating income (loss) discussed above and higher interest costs related to the company’s outstanding preferred stock, partially offset by the absence of a loss from debt extinguishment of $6.0 million that occurred in the third quarter of 2017 and an income tax benefit.

Diluted loss per share available to common stockholders was $1.08 for the third quarter of 2018, compared to diluted loss per share of $0.26 for the third quarter of 2017.

Adjusted EBITDA, excluding the impact of Unitrans, was $4.5 million for the third quarter of 2018 compared to a loss of $4.6 million for the third quarter of 2017. The improvement was due to higher Adjusted EBITDA at all segments and lower corporate costs of $2.3 million in 2018, primarily due to lower insurance claims reserves.